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According to a new series of reports by iData Research, the 2018 global infusion therapy market is valued at nearly $5.5 billion USD and is projected to exceed $7 billion by 2024. This growth is largely driven by China, the majority shareholder of the $2.1 billion market in the Asia-Pacific region.

“The United States infusion therapy market is still the largest in the world and is forecasted to surpass $2.9 billion over the next 6 years. However, changes in China are causing rapid growth that manufacturers need to watch,” says Kamran Zamanian, CEO of iData Research.

The U.S. market is dominated by Becton Dickinson as a result of their recent acquisitions of Carefusion in 2015, C.R. Bard in 2017, and Caesarea Medical Electronics in 2017. While Becton Dickinson’s competitors trail quite far behind, there is still strong competition within this market, hindering international competitors and technology startups from achieving significant economies of scale. As a result, the prices of IV therapy devices are maintained above a purely competitive price level.

Currently, the second-largest infusion therapy market is Europe. However, China’s market is growing at a faster rate and is expected to surpass Europe in market value by 2024. In fact, China’s infusion therapy market will experience the fastest growth among all researched regions. The coverage of healthcare in China has increased dramatically, introducing approximately 800 million new people to the existing universal insurance system since 2006. The rising average income in China also encourages the increased consumption of medical services, which was growing at 7.7% in 2015. The end of the one-child policy in 2015 and the consequent increase in average birth rates will further contribute to an expanding demand for neonatal intensive care units, infusion pumps, IV sets, stopcocks and blood transfusion sets.

In Europe, almost 50% of the market is led by B. Braun and Becton Dickinson. This market sees a large portion of its devices purchased through group purchasing organizations, which increase the bargaining power of hospitals by increasing volumes and reducing prices of medical products. In China, international companies like Mindray must compete with clusters of local manufacturers who control the majority of the market. To secure stronger positions in the market, international brands attempt to leverage local product manufacturing, as opposed to importing, to better compete with locals on hospital purchases where cost is a priority.

For Further Information

More on the infusion therapy device market in the U.S. can be found in a series of reports published by iData entitled the U.S. Market Report Suite for Infusion Therapy Devices. The full report suite on the U.S. market for infusion therapy includes infusion pumps, intravenous (IV) sets, needleless connectors (NLCs) and stopcocks.